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-- Posted Tuesday, 14 August 2007 | Digg This Article

SILVER SEPTEMBER TECHNICAL LEVELS
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
$1,216.00	$1,235.00	$1,248.00	$1,277.00	$1,294.00	$1,307.00	$1,313.00	$1,335.00
GENERAL MARKET CONDITIONS
Nervousness among gold and silver traders is being clearly reflected by the movement. They are unable to edge higher due to technical hurdles while at lower levels greater physical demand is preventing losses. Base metals and energies have outperformed precious metals. In a rising market, base metals and energies will rise more than precious metals while in a falling market base metals will fall more than precious metals. Inter commodity traders can buy base metals (except nickel) and sell gold in a rising market and vice versa in a falling market.
Goldman Sach group will invest about $2 billion in its Global Equities Opportunities Fund. This move seems to be cover up for the losses. There are a large number if small hedge funds operating whose actual position is not known. Investors are well informed about the developments. Central banks pumping in billions of dollar every day, reflects a crisis situation which the investor know. How long will central bank intervention in global stock markets last remains to be seen.
Another choppy day ahead. However failure of precious metals to edge higher will result in significant losses. Indian commodity markets are closed tomorrow due to Independence Day. Indian traders should use a bear spread to hedge the risk.
MCX -- LEAD AUGUST FUTURE (PRICES IN INDIAN RUPEE'S)
SUPPORT				RESISTANCE
S1	S2	S3	S4	R1	R2	R3	R4
111.30	115.00	116.80	121.40	125.00	127.90	130.80	133.00
MCX LEAD   -- AUGUST FUTURE (PRICES IN INDIAN RUPEE'S)
Key support at INR 116.80, a consolidated fall below INR 116.80 will result in INR 115.0 and 109.0. Needs to break INR 127.90 to be in uptrend. Global inventories are very low which will prevent prices from a major slide.
SILVER -- SEPTEMBER FUTURE
Silver has a key support at 1235. Earlier supports of $1294 and $1307 are the resistances with $1313 and $1335 as the key resistances.
A Very Happy Independence Day to All Indians
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-- Posted Tuesday, 14 August 2007 | Digg This Article

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